“In 2012 the Government introduced
the Block Offer regime which provides an efficient,
predictable and transparent process for oil and gas
exploration permitting.

“The new regime has attracted
world-class international operators to New Zealand, and we
believe the 405,000 square kilometres released for tender
this year will be similarly attractive,” Mr Bridges says.

The following areas are open for bidding in 2014:

•
three onshore release areas in the East Coast Basin,
Taranaki Basin and West Coast Basin

“This year’s
Block Offer is supported by a comprehensive data pack, which
includes some previously unavailable data. The data pack
provides companies with timely and accessible information to
support decisions about investment in New Zealand,” Mr
Bridges says.

“New Zealand has built a strong,
world-class regulatory framework to provide economic
opportunities, while also ensuring the necessary
environmental protections.

“The process for awarding
permits is rigorous, and the Government expects companies to
clearly demonstrate their technical and financial capability
to deliver their proposed work programme and meet our high
health and safety, and environmental requirements.

“Oil
is our 4th largest export, with a value of around $1.8
billion in 2012. The Government receives around 42 per cent
of the profits, or approximately $700 million each year.
This money is invested back into our communities in key
infrastructure projects like schools, roads and hospitals.

“But we have barely scratched the surface of our
potential.

“If just one more of our 18 basins was
opened for production, like Taranaki, it would be an
economic game-changer for our nation.

“That is why the
Government will continue to work hard to attract major
international companies to invest in petroleum exploration
and development in New Zealand,” Mr Bridges says.

The
areas made available for bidding follows consultation with
iwi, hapū and local authorities.

The tender will close
at 5pm (NZT) on 25 September 2014. Permits will be awarded
in December 2014.

More information on the release areas
and the Block Offer process is available atwww.nzpam.govt.nz

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